Reverse Mortgages For Seniors

With the increasing popularity of reverse mortgages for seniors, elderly citizens are being faced with decisions that will affect their entire estates. Reverse mortgages create a means by which seniors may unlock the equity in their homes and receive cash to meet their financial obligations, pay for health care, or just to enjoy their life’s pursuits. Prior to initiating the actual documentation, careful thought and consideration should be devoted in order to fully understand the complete set of consequences.

What Are The Pros & Cons?

Are you even aware of the various types of reverse mortgages for seniors that are currently available within the marketplace? Which program will work best for you, based upon your specific cash needs? Would you like a lump sum settlement, or would a monthly annuity more suitable?

In an attempt to protect the best interest of senior homeowners regulations have been implemented, mandating financial counseling before one is allowed to apply for a reverse mortgage. Unfortunately predatory and fraudulent lending practices do exist, further escalating the need for competent advice from ethical professionals. Some of the immediate questions and concerns are:

Are You Qualified For A Senior Reverse Mortgage?

What are the eligibility requirements?

How are loan amounts determined?

What types of property are disqualified?

How would you receive money?

What would it cost in mortgage fees for this type of mortgage?

A reverse mortgage for seniors requires complete estate planning. As with any action there is a reaction, and with advanced input you may be able to avoid any unpleasant surprises in the future that could un-do all that you have strived to accomplish.